The ADC Manufacturing Opportunity: $3-5B Equipment Market
Most equipment cycles favor suppliers who already have a foothold. This one doesn't — and that changes who's positioned to win it.
Why standard mAb infrastructure can't capture this opportunity
Antibody-drug conjugates combine a monoclonal antibody, a cytotoxic payload, and a linker — and that combination creates a manufacturing problem most existing infrastructure can't solve. Standard mAb facilities generally can't perform conjugation reactions, can't analyze drug-to-antibody ratio, and can't safely handle OEB 4–5 containment requirements. That gap is the opportunity: this isn't a capacity-expansion cycle where incumbents leverage what they already have. It's a greenfield equipment category, driven by a pipeline of 15+ late-stage programs and validated by blockbusters like Enhertu ($3.4B in 2024 sales, growing over 40% annually). We mapped the buyer concentration, the technical requirements, and the timeline — because knowing who needs what, and when, matters more than knowing the market is growing.